Bureau Veritas publishes Q1 2024 results

April 25, 2024

IIOA member Bureau Veritas publishes its results for Q1 2024 with headline revenue up 2.5% to 1439.5m EUR, including -5.6% currency impact.

By division, Bureau Veritas reports, ‘Strong organic growth from Industry +16.3%, Certification +13.7%, Marine & Offshore +13.6%, compared to the first quarter of 2023; growth of +6.1% for Consumer Products Services, +3.6% for Buildings & Infrastructure and +3.2% for Agri-food & Commodities’

Also, by geography, Bureau Veritas report, ‘Strong growth in every region (Americas, Middle East, Africa, Asia-Pacific and Europe), outperforming many underlying markets’.

Specially within these results, the Certification area reported revenue growth of 9.8% to 117.4m EUR (including a currency impact of -3.9%). For Certification, Bureau Veritas note, ‘This was achieved through good volumes growth, owing to favorable market conditions, and robust price increases. All geographies grew organically, with the Americas, Middle East & Africa and Asia leading the pack.

QHSE & Specialized Schemes solutions – (48% of the divisional revenue) grew high-single digit, thanks to the recertification cycle occurring this year for some standards. It supported the robust performance in QHSE solutions, especially in Europe where it recorded a high organic growth thanks to Bureau Veritas’ leading position and broad coverage. As an illustration, the Group recently signed an exclusive multi-year framework agreement with a leading beverage industry player for ISO 9001 and ISO 14001 schemes across all European operations. This agreement also covers environmental management system & food safety schemes certification. Specialized Schemes contributed strongly to the growth. Volumes benefited from strong tailwinds linked to the recertification requirements around specific schemes in the automotive industry.

Sustainability-related solutions & Digital (Cyber) certification activities – (31% of divisional revenue) also grew double-digit on an organic basis, benefiting from the excellent traction around environmental and carbon services, food sustainability and increasing demand for cybersecurity assurance.’

In terms of outlook, Bureau Veritas anticipate, ‘Mid-to-high single-digit organic revenue growth’

The full report from Bureau Veritas can be seen here.